Affordable Housing Regulatory Agreement

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duly executed endorsements evidencing the Indemnitees' status as additional insured, and all other endorsements and coverage required hereunder pertaining to such coverage. By not later than the Effective Date, Owner shall furnish City with certificates of insurance in form acceptable to City evidencing the insurance coverage required under paragraph (d) above. All insurance certificates shall contain a statement of obligation on the part of the carrier to notify City of cancellation, termination or non -renewal of the coverage at least thirty (30) days in advance of the effective date of any such cancellation, termination or non -renewal. Upon City's request, Owner shall, within thirty (30) days of the request, provide or arrange for the insurer to provide to City, complete certified copies of all insurance policies required under this Agreement. City's failure to make such request shall not constitute a waiver of the right to require delivery of the policies in the future. (i) Additional Insured Endorsements. The additional insured endorsements for the general liability coverage shall use Insurance Services Office (ISO) Form No. CG 20 09 11 85 or CG 20 10 11 85, or equivalent, including (if used together) CG 2010 10 01 and CG 2037 10 01; but shall not use the following forms: CG 20 10 10 93 or 03 94. Upon request by City's Risk Manager, Owner shall provide or arrange for the insurer to provide within forty-five (45) days of the request, certified copies of the actual insurance policies or relevant portions thereof. 0) Reinstatement. If any insurance policy or coverage required hereunder is canceled or reduced, Owner shall, within five (5) days after receipt of notice of such cancellation or reduction in coverage, but in no event later than the effective date of cancellation or reduction, file with City a certificate showing that the required insurance has been reinstated or provided through another insurance company or companies. Upon failure to so file such certificate, City may, without further notice and at its option, procure such insurance coverage at Owner's expense, and Owner shall promptly reimburse City for such expense upon receipt of billing from City. (k) Primary Coverage; Waiver of Subrogation;_ Annual Aggregate Limits. All coverage shall be primary insurance and shall not be contributing with any insurance, or self- insurance maintained by City, and the policies shall so provide. Each insurance policy shall contain a waiver of subrogation for the benefit of the City. If any of the required insurance is provided under a form of coverage that includes an annual aggregate limit or provides that claims investigation or legal defense costs are included in such annual aggregate limit, such annual aggregate limit shall be three times the occurrence limits specified above. (1) Deductibles/Retemiozis. Any deductibles or self-insured retentions shall be declared to, and shall be subject to approval by the City's Risk Manager. At the option of and upon request by the City's Risk Manager if the Risk Manager determines that such deductibles or retentions are unreasonably high, either the insurer shall reduce or eliminate such deductibles or self-insurance retentions as respects the Indemnitees or Owner shall procure a bond guaranteeing payment of losses and related investigations, claims administration and defense expenses. (m) Adjustments. The limits of the liability coverage and, if necessary, the terms and conditions of insurance, shall be reasonably adjusted from time to time (not less than every five (5) years after the Effective Date nor more than once in every three (3) year period) to address changes in circumstances, including, but not limited to, changes in inflation and the litigation REV: 02-25-2020 PR ATTY/AGR.2020.039/Premia 1180 Main Owner, LLC (Page 41 of 42)